US Department of Labor announces start of information collection to build ‘lost’ retirement savings online search tool: Initiative seeks to reunite participants, beneficiaries with their benefits
WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today issued a notice requesting information from retirement plan administrators that will allow it to begin populating the Retirement Savings Lost and Found database, an online search tool to help America’s workers locate lost retirement savings they earned. Retirement plans, including pension and 401(k) plans, sometimes lose track of retirement plan participants owed benefits. These people are known as “missing participants.” Retirement plans lose track of missing participants for a variety of reasons, including incomplete recordkeeping and workers changing jobs. In other cases, workers may lose track of their retirement plans after their former employer goes out of business or when companies merge. The SECURE 2.0 Act directed EBSA to establish the Retirement Savings Lost and Found database to help missing participants and their beneficiaries find their retirement benefits . ...